Professionalism and Presbyterianism: How Edinburgh’s Financial Elite Sustained Itself in the 20th Century

Abstract

Money and Edinburgh go back a long way. The Bank of Scotland was founded in 1695, just a year after the Bank of England. Three centuries later, the first edition of the Global Financial Centres Index (in 2007) confirmed what everyone had always assumed: second only to London in the UK, sixth in Europe. But how? This small city, its population only topping 500,000 in the twenty-first century, was far from the centers of power and finance, with only a modest trading and manufacturing base of its own. This paper marries fresh oral history from the city’s mid-twentieth century financial elite—that is, an Edinburgh before the Global Financial Crash—with Pierre Bourdieu’s theory of habitus in the relatively new paradigm of Historical Organisation Studies, treating the industry as a single unit across banking, life assurance, and investment management. This reveals their personal characteristics and demonstrates the “symbolic violence” which socialized them into absorbing and embracing both the values and practices of the organizations where they worked and the external structures, including professional bodies and, not least, the Church of Scotland, which helped maintain some of those values.